The European Commission has approved a Hungarian support scheme worth 1.1 billion euros. The scheme is aimed at the development of large-scale energy storage projects. It will facilitate the deployment of at least 800 MW/1,600 MW of energy storage systems.
It will improve the flexibility of the electricity system and allow the integration of renewable energy capacity.
Funding under the scheme will be available to companies operating in the energy sector and will be distributed through a public tender. It will come as an investment grant to be allocated during the construction phase of the projects and two-way Contracts for Difference. Funding in the second category will be paid annually during the first 10 years of the assets’ operation.
The installation of energy storage facilities in neighbouring member states will also be eligible for support. Contracts to the winning developers will be awarded by the end of 2024.